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Obama, Boehner Near Deficit Agreement

HeadlineJul 22, 2011

President Obama and Republican House Speaker John Boehner are said to be close to a $3 trillion deficit-reduction package as part of a deal to raise the federal debt ceiling before an Aug. 2 deadline. The deal reportedly calls for lowering personal and corporate income tax rates, while eliminating or reducing an array of popular tax breaks. Some Democratic lawmakers expressed outrage on Thursday because the Obama-Boehner agreement appears to violate pledges to not cut Social Security and Medicare benefits, as well as Obama’s promise not to make deep cuts in programs for the poor without extracting tax concessions from the rich.

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